Adomani ( proposed NASDAQ ticker is ADOM), a provider of zero-emission electric and hybrid vehicles and replacement drivetrains, has announced it has received in escrow subscriptions totaling in excess of the $10.6 million minimum amount for its Reg A+ offering. Solid investor interest means that Adomani may claim the title of the first company to list on NASDAQ by crowdfunding.
The offering is for a total of up to $25 million, including up to $3 million from certain existing stockholders. Adomani is offering a minimum of 2,120,000 common shares and a maximum of 4,400,000 common shares at an offering price of $5.00 per share.
“We continue to be excited about the launch of our offering and the fact that we have exceeded the minimum amount required,” said President and CEO Jim Reynolds of Adomani. “We look forward to its successful completion soon, which will enable us to aggressively execute our business plan.”
California based Adomani helps fleet operators leverage green technology and address the challenges of traditional fuel price instability and regulatory compliance. The company designs, manufactures and installs zero-emission electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles. Adomani also designs, manufactures and installs conversion kits to replace conventional drivetrain systems for diesel and gasoline powered vehicles.
The Reg A+ Offering Circular is available here. The document indicates that Adomani incurred a net loss of $10.7 million during 2016.
Previously, Adomani erroneously reported that $22 million had to be raised in order for certain of our stockholders to participate in the offering. Adomani is working with Boustead Securities on the Reg A+ offer.
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